Lifestyle Financing

Key features

If you receive regular rental income, you're eligible for our BML Islamic Lifestyle Financing

• Financing is available from MVR 25,000 up to MVR 300,000 without any additional security at a rate of 15% p.a.
• Financing is available from MVR 300,000 up to MVR 1.5 million with additional security at a rate of 12% p.a.
• Financing period is up to 5 years and no further guarantee or security is required

Eligibility criteria

• Personal net monthly income from all sources including rental income must be sufficient to cover the repayment amount. Only rental income will be considered for unsecured financing.
• Property offered as security must be owned by the customer and must generate rental income. Its current value must be at least 150% of the financing amount.
• Maximum age limit is normally 60 years, though this may not apply if the facility repayment can be met from rental income.

How is rental income verified?

• Rental income from a property with a valid rental agreement.
• If the financing amount is between MVR 25,000 to MVR 300,000, rent should have been deposited to your BML account for the past 12 months.
• If the financing amount exceeds MVR 300,000, rent should have been deposited to your BML account for the past 3 months.
  
  

Applicable fees:

• Unsecured financing: a processing fee of 1% will be charged
• Secured financing: a processing fee of 1.5% will be charged

How to apply?

• Submit BML Islamic Lifestyle Financing Unsecured Application via registered email to [email protected] or via Internet Banking. When applying online, please ensure documents are color copies of the original in PDF format.

• To submit BML Islamic Lifestyle Financing Secured Application, call our Contact Center at 3330200 and arrange for a convenient time to visit BML Islamic Male’ Branch if you are in Male'. You can also visit any of our branches outside Male’ where our team will be happy to help you with your financing application.